FULTON, Ill. —
The Fulton Retail Development Group is seeking money to complete major improvements to the downtown with the hope of bringing in a fine dining establishment.
“We are now entering into a new era in our efforts to revitalize Fulton’s downtown,” Chairman Charles Dykstra said. “We are completing arrangements to purchase the Treasures and Treats’ two adjoining buildings for $90,000 with the goal of enticing a fine restaurant to the downtown area.”
The group plans to offer a rent-to-own option that would allow the renter to purchase the property at a pre-determined price and take possession as soon as 25 percent of the price — instead of the typical bank-required down payment — has been paid in rent. The effect of this incentive will be to offer a restaurateur the ability to purchase a building with an interest-free down payment and no money down. The Board of Directors is already making contacts with potential occupants, according to Dykstra.
More than 50 residents have pooled their money together to support the group, which currently has $68,964 on hand.
The Fulton Retail Development Group also owns the theater building, which is debt-free. The building listed for $145,000. If it were sold for the depreciated value of $128,242 and closed up shop after nine years, the shareholders would receive $634 for their purchase of $500 shares. If the building is sold for the $143,000, all shareholders would get $682 per share.
“We do not want to disband, and we do not want to sell the theater building for less than its value in a tight real estate market, since the rents we collect improve our balance sheet asset position by approximately $10,000 each year,” Dykstra said. “We would like to raise an additional $100,000 in capital so that we can pay cash for the old pharmacy buildings and make some necessary improvements.”
Letters have been sent out to current and potential shareholders soliciting donations to fund these improvements.
The Fulton Retail Development Group was established more than nine years ago and has helped complete multiple projects in the retail district. The group purchased a double building, eliminated one of two downtown first-floor apartments, and was instrumental in bringing in the Golden Wok Chinese restaurant.
Other projects include working with local businesses to improve the look of downtown. Calico Creations removed the plywood façade covering its second and third floors to reveal a much improved appearance. The Strating building, which has stood empty for more than 25 years, was completely renovated, complete with stylish rear entrance.
Two of the shareholders took it upon themselves to purchase an old empty wooden building and a parking lot, getting ahead of an entrepreneur who hoped to erect storage sheds in this area. These properties were then sold to Manny’s, making possible the expansion of its facilities, including the new banquet facility and parking space.
With the group of dedicated individuals working to gain and retain businesses, there are likely to be continued improvements in the future.
“Our goal is to revitalize the downtown,” Dykstra said. “We have a really nice thing going here and we would like to keep it that way.”
Local News
Related Photos
-
The Golden Wok and the Theater Building are two projects led by the Fulton Retail Development Group. Herald File Photo
Discussion
January 3, 2013
Fulton retail development group continues downtown enhancements
- Local News
-
- Board examines congestion at schools FULTON, Ill. -- Potential congestion around the River Bend middle and elementary schools is being discussed by the River Bend Board of Education. The board discussed drop-off policies during Monday's meeting. The district decided in March to eliminat
-
Energized savings
CLINTON -- It didn't happen in one day, with one switch or with one person, but through a concerted effort, the Clinton School District has saved more than $2 million by utilizing energy-efficient practices. The Clinton Community School District was
-
Fitness club is expanding
CLINTON — Less than two years after opening, the Iron Horse Fitness Club is more than tripling their space by moving to the former Rodeo Saloon and Feedhouse. Owners Ashley and Brad Gendreau, 31, of Thomson, Ill., will move by August from the locatio
- Clinton avoids heavy storm CLINTON -- Jim Blaess, official weather observer for the National Weather Service, said Clinton County was lucky during Sunday's storms. "We dodged a bullet," said Blaess, adding that the county did not see any tornados. The county did not receive a
- YWCA pushes forward with shelter CLINTON — The Clinton YWCA will no longer receive government funding for its domestic violence and sexual assault resource center, but Executive Director Lori Freudenberg said her organization was prepared and will continue to offer services for vict
-
Planning for the future
CLINTON -- No Kohl's. No casino. No development in the Lyons Tech Park. Less tax revenue. More blight. That's what Clinton officials say the city would have if they hadn't used tax increment financing to attract development. Tax increment fina
-
Clinton law enforcement honored
CLINTON — Members of the Clinton Police Department and Clinton County Sheriff's Office commemorated National Police Week with an awards ceremony and a memorial ceremony to honor those who protect the community.
-
2 finalists named for city administrator
CLINTON — Two finalists have been selected in the search for Clinton's next city administrator: Clinton Finance Director and interim City Administrator Jessica Kinser and Joliet, Ill., Assistant City Manager Benjamin Benson.
-
Jail escapee pleads guilty
CLINTON -- A man who escaped from the Clinton County jail on April 6 will spend as much as 10 years in prison. Kendrell Keith, 18, pleaded guilty Thursday to the escape and the second-degree theft charge that put him in jail.
-
Council targets late bills
CLINTON - Business owners won't be able to dodge sewer bills while staying in operation under an ordinance amendment that was approved by City Council members Tuesday.
- More Local News Headlines
